There's plenty of evidence for Brown's argument. But what if the capital gains tax could be restructured to make more sense, and encourage investment in California?

Morain himself suggests that there's a middle ground between eliminating the tax and keeping it as it is. "Federal tax law," he writes, "offers a sliding scale, imposing a higher rate if the gains were short-term, and a lower rate if the gains were earned over more years, a step intended to reward long-term investment over short-term speculation."

Even more promising is a proposal from Gavin Newsom, the San Francisco mayor running for lieutenant governor, to cut the tax in a way that favors businesses that invest in California.

Once again, if you want new thinking about California and not relentless attacks, you have to look outside the governor's race.